NEW YORK: The dollar edged higher on Friday, boosted by encouraging US manufacturing data, but remained on track for a weekly loss as traders' concerns about taper talk in US Federal Reserve minutes moderated.
The dollar has given back much of the advance it made after a mention in minutes from the Fed's April monetary policy meeting of possible future discussions on paring back stimulus, raised hopes US interest rate raises might come earlier than previously thought.
The dollar index, measuring the greenback against a basket of six currencies, was 0.27% higher at 90.036. The index hit a four-month low earlier in the session.
Still, investors remain largely convinced the Fed is in no hurry to pull back from its accommodative stance and the dollar may be in for further weakness.
For the week, the dollar index was on pace for a loss of 0.3%.
In cryptocurrencies, a recovery from Wednesday's crash lost some momentum. Bitcoin traded down 3.4% to 39,257.86. Ether likewise lost steam and fell 6.1%. Both are on course for weekly losses deeper than 15%.
Comments
Comments are closed for this article.